UPDATE: LightSquared Files for Bankruptcy
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(Updated - May 14, 2012 3:08 PM EDT)
LightSquared Inc. officially filed for Chapter 11 protection in US Bankruptcy Court Monday. The company's filing listed slightly more than $1 billion in assets and debt.
The news comes as majority owner (about 74 percent at the end of January) Philip Falcone refused to step down despite creditors calls for his departure.
Related stocks in the Communications Services sector did not seem to move following the news. Leap (Nasdaq: LEAP), Clearwire (Nasdaq: CLWR), and Sprint (NYSE: S), to name a few, are largely unchanged following the announcement.
LightSquared Inc. officially filed for Chapter 11 protection in US Bankruptcy Court Monday. The company's filing listed slightly more than $1 billion in assets and debt.
The news comes as majority owner (about 74 percent at the end of January) Philip Falcone refused to step down despite creditors calls for his departure.
Related stocks in the Communications Services sector did not seem to move following the news. Leap (Nasdaq: LEAP), Clearwire (Nasdaq: CLWR), and Sprint (NYSE: S), to name a few, are largely unchanged following the announcement.
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